expect overflow cash to trickle this way...

I would expect a few unplaced funds to find their way to GUJ...

Especially after the new IPO lists at a premium, as I suspect.

Interesting perhaps the turn in sentiment for GUJ pretty much coincided with the early closing of the IPO.

I am not particularly happy about the frm-down on Tasmanian asset, but accept such sharing of risk is prudent.

I will be looking at getting a few PLV as a result however once they finally announce commentcement of drilling...and once PLV settle from their recent run, which we can now assume was clearly on the back of this new JV.

Anyway, hope everyone is set...I suspect when it goes. there will be less resistance than many might expect.

Cheers!

--

India NRE Minerals IPO oversubscribed

India Infoline News Services / Mumbai Jun 25, 2007 10:54

The IPO comprised 30mn shares and was priced at A$0.50 each. Gujarat NRE Coke would continue to hold more than 90% stake in India NRE Minerals

Gujarat NRE Coke Ltd said that the Initial Public Offering (IPO) of India NRE Minerals Ltd. has been over subscribed. The issue comprised 30mn shares at A$0.50 each aggregating to AU$15mn.

"The issue also marks the entry of Indian retail investors, perhaps for the first time on such a scale, who have overwhelmingly responded to our call to come on board the flagship in making of the NRE group in Australia," said Arun Kumar Jagatramka, Vice Chairman and Managing Director of Gujarat NRE Coke.

The Reserve Bank of India (RBI) recently allowed individual Indians to invest up to US$100,000 in overseas listed equity every year - a little known and seldom availed of option that was utilized by Gujarat NRE Coke to provide the Indian investing fraternity to take part in a rare resource play in Australia and reap the benefits of investing in a mature market.

India NRE Minerals Ltd owns and operates the NRE No 1 colliery with proven resources of more than 300mn tonnes, in the southern coalfields of New South Wales. This landmark colliery has produced significant amount of high quality Coking coal and have catered to both the domestic and export markets.

The mine recommenced production in September 2005 since when it has produced over 600,000 tonnes of Coking coal, exported to India. The current issue is being floated to raise funds for the commencement of long wall mining which is supported by external technical consultants with a view towards ramping up of production from the mine from the current level of 1 MTPA to over 4 million tonnes per annum.

Gujarat NRE Coke would continue to hold more than 90% stake in India NRE Minerals Ltd even after the present Public offer. The Company is the largest merchant producer of Low Ash Metallurgical Coke in India and has strategic interests in various resource plays in Australia. It was the first Company to have acquired a coal mine outside India and today owns 3 Hard coking coal mines in Australia.

The company's other major interests in Australia include petroleum prospecting in the Canning basin and prospecting for gold, iron ore, coal, magnetite and other base metals in Tasmania. India NRE Minerals Ltd has negotiated an off-take agreement with the parent Company for upto 1 million tones per annum which will give it an unique buffer and put a cap on marketing expenses.